Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,336/mo
+$48/mo- Down payment
- $0
- Funds due
- $9,808
- Interest + MI left
- $229,658
- First ends
- Apr 2052
New loan
New conventional
$2,287/mo
Lowest payment- Down payment
- $31,000
- Funds due
- $38,721
- Interest + MI left
- $423,122
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $356,538 | $279,000 |
| Second mortgage | — | — |
| First P&I | $1,757.03 | $1,931.74 |
| Second P&I | — | — |
| Mortgage insurance | $278.89 | $55.80 |
| Taxes, insurance & HOA | $299.83 | $299.83 |
| Total housing payment | $2,335.76 | $2,287.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$9,808
Usable credit−$0
Total buyer cash needed$9,808
Earnest money paid−$0
Remaining funds due$9,808
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$308.50
Initial HOA (3 months)$141.00
Prepaid interest, first (1 days)$33.70
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing25 yr 5 moOf the original 30-year loan at 3.450%
Interest already paid$59,448Through Nov 2026
Assumption only · ends Apr 2052$229,658
New conventional · ends Dec 2056$423,122